The Wet Seal board has decided to reduce the cash compensation for its directors by 20% for the remainder of fiscal 2014 and to reduce the number of director nominees to be elected at its upcoming annual meeting from nine to seven.
“By reducing director compensation and the number of directors nominated for election at our 2014 annual meeting, the board is doing its part to ensure it can respond quickly to issues as they arise and support the cost reduction efforts already taken by management,” said non-executive chairperson Lynda Davey.
The company also announced that Kathy Bronstein resigned her spot on the board. Bronstein was CEO of the company from 1992 to 2003.
“Wet Seal will always have a special place in my heart and it was an honor to return to work with my fellow board members and the management team to help define the company’s strategic vision for today and beyond,” said Bronstein.
Headquartered in Foothill Ranch, Calif., The Wet Seal operates a total of 532 stores in 47 states and Puerto Rico, including 475 Wet Seal stores and 57 Arden B stores.